Investments in Northern Yamal may reach $140 billion to 2050

April 18/ 10:21

Salekhard. Yamal’s authorities hope to attract up to 9 trillion rubles ($140 billion) to 2025 for development of the region’s northern area, Governor Dmitry Artyukhov told.

"The current tendency is that the production [of oil, gas and gas condensate] shifts to [the region’s] north - the territory, which lacks infrastructures," he said. "If you look at the region’s southern part, where cities Novy Urengoi, Noyabrsk and Nadym are, it has necessary infrastructures."

"The new zone requires big investments," he continued. "We expect up to 9 trillion rubles will come to that part in investments up to 2050."

According to the official, Yamal accounts for 80% of Russia’s gas production and 10% of oil and gas condensate production, informs TASS. The natural gas reserves in the region are forecasted at 47.3 trillion cubic meters, those of oil - 4.8 billion tonnes, of gas condensate - 2.5 billion tonnes.

Among promising projects in the region’s northern part he named the Bovanenkovsky, Tambeisky (Yamal LNG and Arctic LNG) and Kamennomysskiy gas production centers, as well as the Novoportovsky and Messoyakhskiy oil production centers.

In 2018, Yamal’s fixed investments made 1.024 trillion rubles ($16 billion), which is 69% of all investments in the Russian Arctic zone, the governor said.